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to levels seen before the great recession. andian janet yellen said the fed expects the economy to ke keep -- improving. it's a no secret that 20-somethings have been having a tough time during this recovery. last week the overall jobless rate was 6.3, but unemployment among 20 to 24 year elsed was 24%. remember that's all. not those that have a college education. that group finds themselves very well employed. the question is, is it a problem with the economy or the people applying for jobs. here is patricia sabga. >> i'm a melinal, and i'm sorry. >> and i'm sorry. >> we suck and we know it. >> reporter: as this video shows, millennials have a image problem. in a recent survey, 35% of business leaders gave recent college graduates a c or lower on job preparedness. and it's not just hard skills. 63% of business leaders gave recent college grads a c or lower on soft skills. >> there really is that mismatch between the opportunities that are out there, and the skills and abilities of students to be able to meet those opportunities. >> reporter: it seems odd at a time when he gones of college
. >> inflation nation, janet yellen called the latest data noisy but how concerned should consumers and investors be about rising prices? >> and big miss, oracles earnings and one take away investors need to watch. that and more for "nightly business report" for thursday, june 19th. >>> good evening, everyone. i'm susie gharib. >> i'm bill griffeth in for tyler mathisen. always glad to be here with you. >> same here. >> turmoil in iraq created problems in the gas market. the united states will increase support for iraqi security forces but reiterated american forces will not be returning to combat. the president's comments came as the iraqi government tried to prevent an advance into baghdad by sunni militants and while the president spoke, oil prices continued to rise. $115 a barrel for the first time this year while west texas intermediate, the u.s. benchmark rose to $106.43 michelle cabrera is on the ground tonight. >> reporter: after many consultations with his national security team, president obama said today he is willing to take limited military action in iraq, but only sundunder certain
much attention to janet yellen and way too little attention to what's actually happening at the companies themselves. that does not help us understand what's really going on with this market made up of stocks on a day when the dow gained 15. s&p 50 up 18% and nasdaq dipped 8%. in a world of people that like to apine endlessly about the interaction between the government and the stock market. i know i'm a throw back todays when we looked at what individual companies were doing and how those actions impacted their stock. but just because i'm old fashioned doesn't make me wrong. those that blabber about how stocks are artificially elevated because of the fed and thus destined for a fall literally kept you out of the market. my methods have kept you in. remember my essential premise. before equities became commod y commodities we used to recognize the power of individual companies to effect their own stocks. i still believe kpaning the company and how it actually executes and matching that execution against what wall street's expecting remains the best way to predict where a
shock waves through the oil and gas market. >> inflation nation, janet yellen called the latest data noisy but how concerned should consumers and investors be about rising prices? >> and big miss, oracles earnings and one take away investors need to watch. that and more for "nightly business report" for thursday, june 19th. >>> good evening, everyone. i'm susie gharib. >> i'm bill griffeth in for tyler mathisen. always glad to be here with you. >> same here. >> t
of chambersburg. this weekend on american history tv on c-span3. >>> federal reserve chair janet yellen on wednesday expressed confidence that the economic recovery was largely on track and that the fed would be able to begin raising interest rates next year. she spoke at a news conference following two days of meetings of the federal open market committee. it's just under an hour. >> good afternoon. the federal open market committee concluded its june meeting earlier today. as was indicated in our policy statement, the committee decided to make another modest reduction in the pace of its purchases of longer term securities. the committee maintained its forward guidance regarding the federal funds rate target and reaffirmed its view at a stance of monetary policy remains appropriate. today's policy actions reflect the committee's assessment that the economy is continuing to make progress toward our objectives of maximum employment and price stability. in the labor market, conditions have improved further. the unemployment rate at 6.3% is .4 lower than at the time of our march meeting, a
above $1,300. a lot of traders are wondering whether the market is responding to janet yellen's comment yesterday that the inflation data has been nothing but noise. >> we'll get into that in a moment. >>> private equity legend jay jordan says this market is overpriced and too risky right now. where is he putting his money? we'll ask him in an exclusive interview ahead. >> looking forward to that very much. >>> also, netflix trading lower today despite that major announcement that chelsea handler is moving her late night show to the streaming video content service in what is being billed as an historic move. but the market is not buying it. not impressed. >>> you'll hear from an insider who says this movie is not a slam-dunk success for either netflix or chelsea handler. that's coming up. >>> here's where we stand in the markets right now. stocks under a little bit of pressure a day after the s&p 500 set a new high after janet yellen's comments and the federal reserve's decision. that was yesterday, of course. the dow shedding now 12 points. the s&p about a point. the nasdaq off ten. bi
. the question is does that continue. so many times janet yellen has said there is uncertainty like ofward, but we are certain one thing for sure is that interest rates are not going to rise very much. >> it can really be boiled down to the fact that 10 year treasury yields have come down since the beginning of the year, down about 13%, 12%, in that range. the group is up 15, 16%. perfect correlation there. >> explain to my mother why utilities do well when interest rates go down. >> lots of investors look at utilities as an income-oriented sector. people buy them for the dividends, the yields. if there are alternatives such as interest, fixed income rate investments that are not giving you the same kinds of rates or yields, there is a natural tendency to look for higher yields and that brings you to utilities. another reason for owning them is safety. if there is concern about the economy and the overall global environment, you tend to benefit in those kinds -- >> is not so much, i'm guessing, the defense sector as it is just central banks are giving investors no other choice. >> absolute
prices are at all-time highs that janet yellen, ron paul is here with me next. rob ford is about to light up the stage. musical about a crack smoking mayor in the works. seriously. piles of money coming up. are the largest targets in the world, for every hacker, crook and nuisance in the world. but systems policed by hp's cyber security team are constantly monitored for threats. outside and in. that's why hp reports and helps neutralize more intrusions than anyone... in the world. if hp security solutions can help keep the world's largest organizations safe, they can keep yours safe, too. make it matter. my dad has aor afib.brillation, he has the most common kind... ...it's not caused by a heart valve problem. dad, it says your afib puts you at 5 times greater risk of a stroke. that's why i take my warfarin every day. but it looks like maybe we should ask your doctor about pradaxa. in a clinical trial, pradaxa® (dabigatran etexilate mesylate)... ...was proven superior to warfarin at reducing the risk of stroke. and unlike warfarin, with no regular blood tests or dietary restrictions. hey
economy going again. stuart: janet yellen had yellen had something to say about the economy. joining us now is drake and that the. >> stuart, she is not justified to discuss the matter. do not take my word for it. look at her record. right now, housing prices had already topped. she was giving speeches about how she expected house prices to continue to work up. even if housing joining us now is tres knippa. did show noticeable price decreases, it would not adversely affect the economy. it is one of the most important financial events of the last 40 years. she was 100% wrong. stuart: the federal reserve has just lowered its economic forecast. >> the imf, as did the world bank. we will continue to level along. where is all the growth. i just do not think that it is coming. what sort of ammunition does the fed have left. you and i had a dinner bet where i said when janet yellen leaves office, q we will be higher than when it started. she has pulled back a little bit. when all you have is a hammer, everything looks like a nail. stuart: the dow is down 23 points. the federal government cance
the recorday after we had yesterday on the back of janet yellen's comments. also yesterday, another pullback on the vix. aboutime to its lowest in seven years, a little more than seven years, in fact. andrew keen,w is president and founder of keen on the markets. aboutne is complaining the vix being so low. but you have found that silver lining in the vix being so low. x is contained right now. about every month a goes a point higher. you might say it goes too low, but you could use that as an opportunity to buy some calls against the portfolio. a market has been on fire. it seems like every day it wants to go higher. we are shaking off news from iraq. use that as an opportunity to maybe buy some puts against your position. no one says you have to initiate long positions, but when it is hurricane season in florida, people buy insurance after the hurricane. -- don't you buy it the for? before? having insurance inside makes sense -- insight makes sense. >> your argument is that hedging against or hedging for that sort of event, a pullback, is relatively cheap right now to do. >> absolutely. po
and the testimony -- not testimony but the news conference yesterday by fed chair janet yellen. neil host: our nes irwin. --is the author of the book the author of a book. thank you for joining us. reserve wrapped up its meeting yesterday. what did they decide to do? guest: they continue keeping low interest rate policies in place to keep pumping money into the u.s. economy and to slow down the rate at which they pumped money into the economy. they reduced from $45 billion a month to $35 billion a month. down so is to wind maybe by the end of the year they will no longer be in the business of printing money to buy bonds. host: can you tell us about the stimulus program? inst: it was launched back 2012. the economy has been subpar. inflation is too low. we are going to do something to try and combat that. they started a program of creating new money to buy treasury bonds and other securities to pump money into the financial system. what they're doing now is saying we think the economy is roughly on track so we are going to try to withdraw that and get out of that progress
, you know, people felt that kind of growth, and maybe paying too much for it. this is not janet yellen's stock, yeah, we're not paying too much or exub rent. i like it very much. >> duncan thinks coffee prices peaked. >> i had him on three weeks ago, worried about the trajectory. coffee represents less than 5% of the cost of goods sold. it has so dominated discussion. howard had a good laugh with people and does the same thing. higher price of coffee, not my first rodeo. people didn't like that. there was pushback on tuition. i was at the conference. you saw people crying. thank you. i mean, you know, howard has a lot of things going that are not earnings per share oriented, but sends stock up anyway. >> full tuition reimbursement. that gets your attention. >> arizona state is a great school. >> i know. why do you want to talk about it? >> credit squeeze, it comes out today with a 225 price target talking about the pipeline not recognized. there's been issues, patent issue, turning to the sales. people talk about a possible cure for crones disease. that would be a big thing. those of u
time. janet yellen says she was optimistic about the economic recovery. the u.s. is distancing itself from the iraqi prime minister nouri al-maliki. and general electric ceo jeff immelt is making a last push to acquire alstom's energy assets. he is lobbying the french the ge's $17r the billion offer. there was a joint offer by siemens and mitsubishi. for more on this battle between the industrial titans, matthew campbell is joining me from london. this is a big day for jeff anelka. --a big day for jeff immelt. how much convincing does he have to do? >> this is absolutely a big day and he has to make his case in paris to the government and the unions. ge does have the inside track relative to siemens. they have emigrated deal. -- an agreed deal. alstom, the target of the transaction, is on board. what siemens was trying to do does not have alstom's agreement, and the noises from the alstom cap is that they see the siemens proposal, which is pretty complex, as being a bit too much try to do and not ideal from their perspective. jeff immelt has a tough day ahead of him, already underway
. >> federal reserve janet yellen expressed confidence that the economic recovery was largely on track which would allow the fed to begin raising interest rates next year. she spoke at a news conference following two days of meetings of its federal open market committee. her remarks are about an hour. [inaudible conversations] >> good afternoon. there are the federal open market committee concluded its june meeting earlier today. as was indicated in our policy statement, the committee decided to make another modest reduction in the pace of its purchases of longer term security. the committee maintained its forward guidance regarding the the federal funds rate target and reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate. today's policy actions reflect the committee's assessment that the economy is continuing to make progress toward our objectives of maximum employment and price stability. in the labor market, conditions have improved further. the unemployment rate at 6.3% is four-tenths lower than at the time of our march meeting. and the broader u6
for the year. but in her comments t big boss, janet yellen reassured investors the u.s. recovery is on track and seemed to be in no rush to raise interest rates. one market expert explained why global markets are on such a role. >> we've seen a cut from 2.9% which the feds set in march to 2.2% for the year. last we're they were talking 3.4% for the united states. we have seen an interpretation that rates aren't going up as quick as people think. the ten year bond yields was down to 2.58 this morning. the market adjusts that down and says no need to worry for the moment. rates are not going to go up. show is back on the road after the terrible winter. there's nowhere else to go. >> follow me on twitter. get me @bbc aaron. that is it. would you use an amazon phone? >> i'm committed to my particular smart phone. >> that's most of us that don't want to change. >>> spain going no further than the group stages. more teams looks to avoid the same fate today. we want to take you outside the stadium. you don't believe me do you? this line up could be out of someone's fantasy football league. it's rea
of that progress him -- that program. host: we have a clip of janet yellen discussing her outlook for the economy. we will listen to it and get your reaction. [video clip] >> economic activity is rebounding. it will continue to expand at a moderate pace thereafter. overall, the committee continues to see sufficient underlying strength in the economy to support ongoing improvement in the labor market. is running below the 2% objective. the committee remains mindful that inflation running below its objective could pose a risk to economic performance. host: what was she trying to say? keeps growingnomy and maybe we would like it to grow a little faster. the labor market is improving and the job market is getting better. there is progress. down thelling to slow kind of interventions that we do. way is the central bankers of saying everything is not fixed, but we are on the right path. meeting, theys release a forecast of what they expect the economy to do. in that forecast, they revised down their estimate of how much gdp is going to grow. we had a rough winter. a lot of bad weather that disrupted ou
of the road. >>> on the "cbs moneywatch" now janet yellen speaks and wall street listens, and the 411 on amazon's big new product. jill wagner is at the new york stock exchange with that and more. good morning, jill. >> good morning, anne marie. fed chair janet yellen downplays inflation affairs. yelin said yesterday the u.s. economy still isn't healthy enough to grow at a consistently strong pace without help from the federal reserve. she made it clear the federal bank sees no need to raise the interest rate any time soon. the dow rose 98 points wednesday. the nasdaq gained 25 and the standard & poor's gained 15 points to set another record high. >>> the tech buzz was right. amazon released its news yesterday. ceo jeff bezos introduced the new fire phone yesterday. it produced 3-d-like images that uses cameras on each corner that can tell where your head and eyes are, and, of course, it also allows users to easily purr chas items fr purchase items from amazon, but for now the phone will only be available through at&t. >> when we brought the concept of fire, our new smartphone to them
on this thursday morning. >> our guest host this morning, of globald president strategies on janet yellen and the fed and his call on a more tepid american economic experiment. also, bryan white with the chertoff group, senior official with the department of homeland security. let's begin with what we observed yesterday. what was the key moment within the yellen is conference? 2:47 p.m. aid, the she essentially said the punch bowl is there and she sadly not going to take it out. i don't think they're going to raise interest rates at the end of 2015. the fed has been wrong every time on its growth forecast. i think the rate increases will be postponed. up on his number last evening. why are we allowing supposedly "emergency measures introduced in 2008 to go to their seventh year? i thought this was a substantial note on what arafat has gone wrong. what is the remedy right now that you see janet yellen has to do? you have to stop quantitative easing. you have to have a symbolic increase in interest rates. federal funds goes up one quarter, one half a percent. cause bondt -- yields to rise.
're going to get back to larry in just a moment. but stocks have been liking what janet yellen had to say. steve liesman joins us with more on yesterday's fed decision. >> it was interesting market reaction, becky. the market reacted almost immediately at 2:00 p.m. with the statement. and perhaps to the statement that made clear there were no serious concerns with inflation. it was kind of like i sounding the all-clear signal on the issue. then it takes off after journalist questions asking fed chair janet yellen to directly respond to the recent uptick in inflation in the consumer price index. >> the recent evidence we have seen abstracting from the noise suggests that that we are moving back gradually over time toward our 2% objective. and i see things roughly in line with where we expected inflation to be. i think if you look at the sep projections that were submitted this time, you see very little change in inflation projections of the committee. >> so what happens is the fed funds futures actually, there's a december 15, you can see that it comes down. the yield comes down, and this
in a -- i wouldn't call it exactly jubilant mood, but they do still feel that janet yellen was dovish enough to mean you can carry on buying stock here without worrying about interest rates going up any time soon. just want to round this off with american apparel. what a remarkable story this is. the ceo and chairman given his marching orders here. there are a series of ongoing suits, some related to claims of sexual harassment. this has been a long-running story, in a sense, but finally, it does seem as though it's coming to a head. the company, as we know, has a cash crisis as well. and if you look back to these 2013 numbers, a reported loss of $106.3 million. you wonder whether the company will make it in the end from here. but back to you, mika. >> all right, geoff cutmore, thank you so much. >>> still ahead on "way too early," defending champion spain now out of the world cup after falling to chile. we're going to have more on the shocking early exit. plus, why some chilean fans are being expelled from the host country. >>> also coming up, breaking his silence. what the teenaged stowawa
of the federal reserve. janet yellen and crew cut their economic forecast. and also another chunk out of the stimulus. i'll tell what you that means. should juvenile killers serve life without parole? >> the didn't even ask for the money they just shot him. >> horrendous crimes committed by kids. >> i think that at sixteen it's a little too early to write him off for life. >> should they be locked away for good? >> he had a tough upbringing but he still had to have known right from wrong. >> the federal reserve did what everybody predicted it would do. intelligent yellen reduced the bond buying program by $10 billion . fed had been pumping in $85 million a month, a move designed to jump start the economy to keep interest rates low. but the last few times it met the fed has whittled this down to where it is now at just $35 billion a month. now in case you are wondering the fed exists to do two main things. it's so-called dual mandate. it uses monetary policy to promote job growth and at the same time to manage inflation. it's main tool for doing that is to manipulate interest rates. lo
max said frenzy. stocks surge and the dollar falls. janet yellen says rates will remain low. >> l'oreal goes on a shopping spree. the ceo tells us that he is just getting started with billions of dollars in deals. >> caution from cable. france must play by the rules in the battle for alstom. good morning, everybody. ."u are watching "the pulse we are here in london. i am guy johnson. >> i am olivia sterns. also coming up on the program, amazon is taking on apple and samsung. >> securing a spot. we are going to speak to the ceo of electrolux about whether we intelligent connected washing machines, dishwashers, etc. we begin with a bloomberg exclusive. l'oreal is scooping up beauty brands around the world. the world's largest makeup company is buying and la-based at cosmetics company. the ceo tells us he sees more acquisitions after this deal. in an extremely rare interview, he sat down with caroline in paris. >> it is a fantastic brand. brand. professional it is the only brand like that. has been a great success in luxury for many years. equivalent in luxury, the brand urban decay.
from around the world. >> a dovish janet yellen gives markets a boost. giving no new indications of possible rate hikes, despite rising inflation. >>> and general electric is expected to sweeten its bid for al strom. the ceo makes its third trip to paris to meet with the government. >>> joe biden fires a shot to moscow saying the u.s. may -- for russia for the continues violence in ukraine. but russia's most powerful man tells cnbc he will continue to collaborate with the u.s. despite sanctions. >> we will continue to work to demonstrate our efficiency to be both beneficial to russian and american companies. >>> and from the pitch to the palace, prince phillipe ready to take the throne as spain's new king after the 2-0 defeat against chile. >>>. >>> you are look at live pictures from spain where prince phillipe is about to enjoy his coronation as the new king of spain. so a happy day for spain, but a sad day in many other respects. they were crushed out of the world cup. remember, they were champions when they lifted the cup the last time around. very different circumstances this
, stocks sore into record territory after federal reserve chair janet yellen says she's not inclined to tighten policy. >> delivering results, fedex says business is good and getting better, sending shares to an all time high but there is one wild card that could change everything. >> under oath, general motors ceo on capitol hill filling pointed questions about the biggest safety crisis in the company's history. all that and more tonight on "nightly business report" for wednesday, june 18th. >>> good evening, everyone. investors saying a big thank you to janet yellen, the federal reserve chair said policy makers will most likely keep interest rates right where they are now near zero through the end of this year. wrapping up a two-day policy meeting and speaking at a news conference in washington, yellen insured investors the u.s. economy is doing well enough for the fed to make further cuts but not strong enough to seek consistent growth without the central bank's help. investors loved hearing that, and stocks took off. the s&p 500 index closed at a new record high of $19.57, the do
traders. let's pick up on the top themes investors are focused on today. it seems as if janet yellen has given a green light to buy risk assets. >> i think that's right. there were some concerns going into the meeting yesterday that, with the inflation rate picking up a little bit in the u.s. that she would be more hawkish. at the end of the day, she wasn't. the words you heard were quite common for the markets -- quite calming for the markets. >> the s&p 500 is at an all-time high. the stoxx 600 in europe is at multiyear highs. what can stop equities in their tracks? yieldsversal in the bond , bond yields falling considerably but i do not see that happening. and that kind of environment where you are near growth environment and people are anticipating, i think that would hurt the market. but at the moment, we are still in the fairly early stages of an economic recovery in europe. it is more advanced in the usa. but this time around, there will be a longer cycle that we have seen in the past. cycles last three to five years. but this is a low growth cycle coming out of a major crisis, th
territory after federal reserve chair janet yellen says she's not inclined to tighten policy. >> delivering results, fedex says business is good and getting better, sending shares to an all time high but there is one wild card that could change everything. >> under oath, general motors ceo on capitol hill filling pointed questions about the biggest safety crisis in the company's history. all that and more tonight on "nightly business report" for wednesday, june 18th. >>> good evening, everyone. investors saying a big thank you to janet yellen, the federal reserve chair said policy makers will most likely keep interest rates right where t
in a row. walk usanny is here to through the minutes. janet yellen had a very important news conference as well. manus, the market seem to like what they heard. neuheisel reached on various markets -- new highs reached on various markets. >> it could have been worse. let's have a look. the treasury bond is the biggest again. why? it is a commitment to the zero buying world of don't worry. the dollar is a little bit lower. a job market is improving. we know that. they are adding jobs. the economy is rebounding at a moderate taste -- pace. how much access amounts? it remained significant. it is a noisy old thing. it is moving back to target. hawkishs of a more outcome simply were not realized. inflation continues to run well below our objective. we are still some ways away from maximum employment. see anymoment, i do not trade-off whatsoever. the labor market has continued to improve. over a number of years he -- growth has come in at a disappointing level. we are still seeing the global market broadly improved. i expect that to continue. do you make of her communication skills this time
there. thanks very much. >> thank you. >>> federal reserve chair janet yellen talks about monetary policy. that's next. >>> and paul bremer and jay carney. >>> later, a senate hearing looks at stock practices and insider training. >>> house republicans will meet tomorrow to elect a replacement for eric cantor. congressman kevin mccarthy of california and labrador of idaho will chair. >>> next, the head of the federal reserve is asked about the status of the federal reserve program. janet yellen spoke to reporters. >>> good afternoon. the committee concluded its june meeting earlier today. as was indicated in our policy statement, we will make -- maintained its forward guidance regarding the rate target, and -- remains appropriate. today's policy actions reflect the committee's assessment that the country is continuing to make progress toward maximum employment and price stability. the unemployment rate is four-tenths lower than at the time of our march 6th meeting. and -- those working part-time but preferring full-time work has fallen by a similar amount. unemployment remains elev
janet yellen announced another slow down in stimulus because the economy is improving, but she said the job market is still lagging. she also said there is no -- >>> actor michael jace and pled not guilty to killing his wife. he is accused of killing his wife last month. the judge set bail at $2 million. michael jace is due back in court on august 1. >>> a first for amazon. the company's first play in the smartphone market, and what sets this hand held apart from others. >> the gradual shift in our weather. rosemary orozco back in five minutes. >> less than two minutes, airport parking without the price. it's getting some drivers in trouble and sparked a crackdown. bulldog: ah, the dog days of summer! time to celebrate with your mates, grill a few dogs-- eh, hot dogs. bacon burgers... dachshund: "mattress discounters 4th of july sale"? bulldog: that cloud reminds me of... radio announcer: the tempur-pedic cloud collection. bulldog: that's it! radio announcer: now with 48 months interest-free financing-- basset hound: free financing? radio announcer: or get a queen size serta pillow
-term interest rates low. fed chief janet yellen spoke after a board meeting. they agreed to cut monthly bond purchases to $35 billion. this is the fifth straight cut since december. the fed is expected to end bond purchases completely by this fall if reductions continue at this pace. attention is now focused on how long the fed will keep its near zero percent interest rate policy. she says it depends on the economic outlook. >> if the economy proves to be stronger than anticipated by the committee, resulting in a more rapid convergence of employment and inflation to the fomc's objects, then increases in the federal rate target are likely to occur sooner and be more rapid. >> a rate rise could come later. the fed is closely monitoring prices and the job market. 12 of the 16 policy board members predicted that the fed would raise its rate by next year. the median prediction is a rate of 1.25%. >>> general motors' head mary barra is under fire again for her company's handling of a defect in millions of its cars. she admits that the problem was mishandled. she was called to testify again before
by keeping short-term interest rates low. janet yellen suppose to the news media after a two-day meeting by the policymaker boards. yellen said the fed will keep short-term rates low for a considerable time and emphasized that it depends on the economic outlook. >> if the economy proves to be stronger than anticipated by the committee, resulting in a more rapid convergence of employment and inflation to the fomc's objectives than increases in the fund's rate target are likely to occur sooner and more rapidly than currently envisaged. >> she said the fed is closely monitoring price and the job market. 12 of the 16 policy board members predicted that the fed would lift its key rate by the end of next year. the median prediction is a rate of 1 to 1.25%. >>> mary barra is under fire again for her company's handling of an ignition defect in millions of its cars. barra has admitted that the problem was mishandled. she was called to testify again before a congressional subcommittee. barra responded to allegations gm knew about the flaw in ignition switches for more than a decade but failed to r
. >>> investors were looking forward to hearing more from federal reserve chair janet yellen following its policy meeting. it looks like they got what they were looking for. ramin mellegard joins us from the business desk. >> a lot of interest by investors as to the future course of interest rates by the central bank and what the fed decided is pretty much in line with that. policymakers at the u.s. federal reserve will continue scaling back bond purchases but will promise to maintain support for the economy by keeping short-term interest rates low. fed chief janet yellen spoke. to news media after a two-day meeting of the policy board. board members unanimously agreed to cut monthly purchases by another $10 billion to $35 billion. this is the fifth straight cut since december. the fed is expected to end bond purchases completely by this fall if reductions continue at this pace. attention is now focused on how long the fed will retain its near zero interest rate policy. yellen said the fed will keep short-term rates low for a considerable time. she emphasized that policy decisions depend on the e
, i fed chair janet yellen said growth is bouncing back and the job market is improving. she also addressed concerns about inflation. >> inflation continues to run well below our objective. we are still some ways away from maximum employment. and for the moment, i don't see any tree off whatsoever from achieving our objectives. >> the stock and bond markets liked with a heard from janet yellen. after speaking at the press conference, the s&p 500 hit a new record, up more than 14 points. i am joined by bloomberg economist josh wright. he is a former policy advisor and market analyst at the fed. and we're joined by the chief economist at banc of tokyo. josh, i want to start off with you. based on the comments we heard from janet yellen, does everyone take away that the economy is getting better almost all on its own? >> i think a lot of people think the economy is doing better and the fed is there to help it get at her. i think that is part of what we saw today in the market reaction as janet yellen said, i don't see a trade-off. we still have a free hand for disruptive policies. >>
when it will start raising its benchmark short-term interest rate. chairwoman janet yellen said the fed is taking a wait-and-see approach. >> there is uncertainty about monetary policy. the appropriate path of policy, the timing and pace of interest rate increases ought to and i believe will respond to unfolding economic developments. if those were to prove faster than the committee expects, it would be logical to expect a more rapid increase in the fed funds rate. >> woodruff: the fed also scaled back its economic growth forecast for 2014, citing the damaging effects of the long, harsh winter. markets on wall street reacted positively to the fed news. the dow jones industrial average gained 98 points to close at 16,906. the nasdaq rose 25 points to close above 4,362. the s&p added 15 points to close just under 1,957. >> ifill: the u.s. patent office ruled today that six of the washington redskins trademark registrations should be canceled. the board said the nickname is disparaging of native americans. the decision does not force the team to give up it's name, but it will make it harde
. investors were looking forward to hearing from federal reserve chair janet yellen. >> a lot of investors were watching out for any hints as to the future course of interest rates and also the pace of the fed's current tapering program. policymakers at the u.s. federal reserve will continue scaling back bond purchases but will keep short term interest rates low. federal reserve chair janet yellen says that policymakers unanimously agreed to cut purchases to $35 billion. this is the fifth straight cut since december. the fed is expected to end bond purchases completely by this fall if reductions continue at this pace. attention is now focused on how long the fed will continue its near zero policy. the fed will keep short term rates low for a considerable time and policy decisions depend on the economic outlook. >> if the economy proves to be stronger than anticipated by the committee, resulting in a more rapid convergence of employment and inflation to the fmoc's objectives than increases in the federal funds rate target are likely to occur sooner an to be more rapid than currently enviz a
will reduce by another $10 billion to $35 billion. federal reserve chair janet yellen members are unanimously agreed to the fifth straight cut in bond buying. the fed is expected to end bond purchases completely by this fall if reductions continue at the current pace. attention is now focused on how long the fed will retain its zero interest rate policy. short term rates will be kept low for a considerable time. she emphasized the policy decisions will depend on the economic outlook. >> if the economy proves to be stronger than anticipated by the committee, resulting in a more rapid convergence of employment and inflation to the fomc's objectives, then increases in the federal funds rate target are likely to occur sooner and to be more rapid than currently envisioned. >> but yellen added that a rise in the fed funds rate could take place later if economic performance is disappointing. she said the fed is closely monitoring crisis and the job market. let's see how the markets reacted to the fed's decision. they started buying shares. the dow jones was up 0.58%. and the broader s&p 500 hit a br
of a conundrum for the fed. janet yellen is not worried. everything should be okay. they stand ready to take action in the event that inflation is now too high for them. but right now it's well within the range. you're smart to think about the fact that inflation is the thing we have to keep looking at. >> what else are you looking at? >> i don't know if you heard about this, i was at the white house today. a whole bunch of makers and inventers of things wearing a badge of honor that people do make things. they do invent things. we'll look at the guy who founded maker fair. >> ali velshi, "real money with ali velshi" right here on al jazeera america. ali, appreciate it. >>> for the first time u.s. customs and border parole i patrol is letting people see inside where they shelter children who immigrate every year. these photos mr. taken into nogales, arizona. one of the two facilities being opened up to the media today. the other is in brownsville, texas. >> it's difficult to imagine but inside the border station 500 children currently call this their temporary home. that is twice the capacit
markets liked with a heard from janet yellen. after speaking at the press conference, the s&p 500 hit a new record, up more than 14 points. i am joined by bloomberg economist josh wright. policy advisor and market analyst at the fed. and we're joined by the chief economist at banc of tokyo. josh, i want to start off with you. based on the comments we heard from janet yellen, does everyone take away that the economy is getting better almost all on its own? >> i think a lot of people think the economy is doing better and the fed is there to help it get at her. i think that is part of what we saw today in the market reaction as janet yellen said, i don't see a trade-off. we still have a free hand for disruptive policies. >> does the economy remain in such a weakened state that the federal reserve needs to continue to play this role? >> that is an interesting question. actually, i don't think there is a lot of slack. i think the arguments for slack in the economy this far into the recession five years, i think it is dwindling by the day. i was shocked at the market reaction. dot forecast
that there is cause for concern, janet yellen showing a policy biassed, to dealing with unemployment. sadly they are sitting on a couch are out of work for a very long time. struck rally issues must be -- struck rally issues must be addressed. and that really comes down to the white house. gerri: phil, what do you think, we had this easing forever now, and you call this a recovery? i think i you would have to question whether what the federal reserve is doing is having an impact? >> it iso food prices -- it is on food prices, every commodity has gone through the roof, turkey, chicken, meat, beef, you maim it, it -- you name it, it has gone through the roof, we're in a zombie-like state, with fed pumping us up full of stimulus but we're not growing, i know that people that i talk on the train, i asked them how many of you are really doing better or feeling your prospects are good about this economy, i can rarely get anybody to give he a positive answer. you know this is note how a recovery should be feeling at-this-point. we should have bounceed back a let father, and i think that -- farthe
interest rates, it depends. >> yes. >> which is about expected as well. >> recalling janet yellen's last press conference, when asked what a considerable period of time might be, where she indicated six months. here not only being sure not to make a similar stumble, but claiming that it's not mechanical, simply that it depends. >> she remembers from the last time she was asked about that and her response and the impact it had on the markets, which, by the way, welcome to "closing bell," bill ripa along with kelly evans here. the dow is up 66 points. the headline is that the s&p 500 is in record territory, if we to close here. >> 1,951 is the level we're watching. >> but we are in that territory, so we'll see how we do as we go into the final 35 minutes of trading. but let's bring in our all-star panel to react to this news conference, the fed's monetary policy statement. jim bianco from bianco research, david rosenburg, diane swann from mesirow financial, jack bouroudjian from index financial partners, former fed governor mark olson joins us today. we welcome him. and our own rick santel
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